Is the mining industry really the big boon for the Australian economy that it is made out to be? A new report from The Australia Institute questions this. The author of the report and economist Richard Dennis said that the political clout of the mining industry was way out of proportion with its economic reality.
Magellan Minerals has reported finding a new zone of gold mineralization situated nearly 360 meters north of the Central zone at the ‘Cuiu Cuiu’ project in Brazil. The previously unrecognized zone which has a significant resource estimate has now been named Central North.
Peel Mining Limited, an Australian company focused on exploring and developing precious, base and specialty metals, has announced that the resource estimate for its Apollo Hill Gold Project is up by 48% after a recent diamond drilling program as compared to the previous estimate of gold resources at the project given in December 2010.
Pilot Gold Inc. said in a statement that it had found a new bulk tonnage style gold discovery at the Viper Project in north east Elko County in Nevada. The first five drill holes have intersected a widespread sediment hosted, oxide gold and silver mineralization.
The precious metal gold may not be native to earth but have come from outer space and merged in the core. The geologists at the University of Bristol have put forth a theory that a mammoth meteorite shower over four billion years ago is what brought the precious metals gold and platinum to earth.
Condor Resources has received the positive results of the reconnaissance sampling program performed at its San Martin sediment property in south Peru.
Orestone Mining has reported the resistivity or induced polarization (IP) survey results from the Captain Porphyry project, containing gold and copper mineralization, situated about 30 km to the southern portion of the Mt. Milligan deposit and to the northern part of Fort St. James in BC.
San Marco Resources has announced major trenching results from its Tecomate property located in Mexico.
Columbus Silver Corporation saw its stock jump up by nearly 60% as news that it was to be acquired by US based company Santa Fe Gold Corporation for $10 million came to light. The all cash deal will see Santa Fe pay 20 cents per share for the 36 million shares of the Vancouver based Columbus Silver Corp.
Barrick Gold said that it had found two significant gold discoveries in the state of Nevada. The two discoveries are called Red Hill and Goldrush. They are located 6 km south east of the Cortez Hills mine and 24 km south east of the Pipeline mine. The largest gold producer in the world is now trying to rebuild its focus on gold even as it makes headway into copper mining.
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